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M
mandmhess
February 15, 2025
Question

On one of my 1099-R forms I cashed an ins policy. Gross was 10K. Taxable 1900. Turbo Tax put in the whole gross amount. How do I fix that?

  • February 15, 2025
  • 1 reply
  • 0 views
In 2b the second box was checked

    1 reply

    J
    JotikaT2
    February 25, 2025

    Since you know the taxable amount, enter that $1,900 in box 2a.  The gross distribution of $10,000 should be reported in box 1 of your 1099-R form.

     

    Per the IRS here, you only have to report the income for the amount of proceeds that exceed your cost in premiums (less any refunded amounts). 

     

    Follow the steps in this link to get to the 1099-R input section.  Then select edit to the right of the applicable 1099-R form and proceed through the screens to update the amounts for box 2a.

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